The Economics of Money Banking And Financial Markets 9th Edition by Mishkin, Frederic S -Test Bank

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The Economics of Money Banking And Financial Markets 9th Edition by Mishkin, Frederic S -Test Bank

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COMPLETE TEST BANK WITH ANSWERS

 

The Economics of Money Banking And Financial Markets 9th Edition by Mishkin, Frederic S Test Bank

 

Sample  Questions    

 

Chapter 1
Why Study Money, Banking, and Financial Markets?

1.1 Why Study Financial Markets?

512 Financial markets promote economic efficiency by
0 channeling funds from investors to savers.
0 creating inflation.
0 channeling funds from savers to investors.
1 reducing investment.

Answer: C
Ques Status: Previous Edition

0 Financial markets promote greater economic efficiency by channeling funds from ________ to

________.
investors; savers
borrowers; savers
0.0 savers; borrowers
0.1 savers; lenders

Answer: C
Ques Status: Previous Edition

Well-functioning financial markets promote
0 inflation.
deflation.
0 unemployment.
1 growth.

Answer: D
Ques Status: Previous Edition

0 A key factor in producing high economic growth is
0 eliminating foreign trade.
0 well-functioning financial markets.
0 high interest rates.
1 stock market volatility.

Answer: B
Ques Status: New

0 Markets in which funds are transferred from those who have excess funds available to those who have a shortage of available funds are called

0 commodity markets.
0 fund-available markets.
0 derivative exchange markets.
1 financial markets.

Answer: D
Ques Status: Previous Edition

0 Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

0 ________ markets transfer funds from people who have an excess of available funds to people who have a shortage.
0 Commodity
0 Fund-available
0 Financial
1 Derivative exchange

Answer: C
Ques Status: Previous Edition

Poorly performing financial markets can be the cause of
0 wealth.
0 poverty.
0 financial stability.
1 financial expansion.

Answer: B
Ques Status: Previous Edition

0 The bond markets are important because they are
0.0 easily the most widely followed financial markets in the United States.
the markets where foreign exchange rates are determined.
the markets where interest rates are determined.
the markets where all borrowers get their funds.

Answer: C
Ques Status: Previous Edition

0 The price paid for the rental of borrowed funds (usually expressed as a percentage of the rental of $100 per year) is commonly referred to as the
inflation rate.
exchange rate.
0 interest rate.
1 aggregate price level.

Answer: C
Ques Status: Previous Edition

0 Compared to interest rates on long-term U.S. government bonds, interest rates on three -month Treasury bills fluctuate ________ and are ________ on average.
0 more; lower
0 less; lower
5888 more; higher
5889 less; higher

Answer: A
Ques Status: Previous Edition

Chapter 1  Why Study Money, Banking, and Financial Markets? 3

0 The interest rate on Baa (medium quality) corporate bonds is ________, on average, than other interest rates, and the spread between it and other rates became ________ in the 1970s.
lower; smaller
lower; larger
0 higher; smaller
1 higher; larger

Answer: D
Ques Status: Previous Edition

0 Everything else held constant, a decline in interest rates will cause spending on housing to
fall.
remain unchanged.
0.0 either rise, fall, or remain the same.
0.1 rise.

Answer: D
Ques Status: Previous Edition

0 High interest rates might ________ purchasing a house or car but at the same time high interest rates might ________ saving.
discourage; encourage
discourage; discourage
0.0 encourage; encourage
0.1 encourage; discourage

Answer: A
Ques Status: New

0 An increase in interest rates might ________ saving because more can be earned in interest income.
encourage
0 discourage
disallow
invalidate

Answer: A
Ques Status: Previous Edition

0 Everything else held constant, an increase in interest rates on student loans
0 increases the cost of a college education.
0 reduces the cost of a college education.
0 has no effect on educational costs.
1 increases costs for students with no loans.

Answer: A
Ques Status: Previous Edition

5888 Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

5888 High interest rates might cause a corporation to ________ building a new plant that would provide more jobs.
5888 complete
5888 consider
postpone
contemplate

Answer: C
Ques Status: Previous Edition

0 The stock market is important because it is
0.0 where interest rates are determined.
0 the most widely followed financial market in the United States.
where foreign exchange rates are determined.
the market where most borrowers get their funds.

Answer: B
Ques Status: Previous Edition

0 Stock prices are
0.0 relatively stable trending upward at a steady pace.
0.0.0 relatively stable trending downward at a moderate rate.
extremely volatile.
unstable trending downward at a moderate rate.

Answer: C
Ques Status: Revised

0 A rising stock market index due to higher share prices
increases peoples wealth, but is unlikely to increase their willingness to spend.
0 increases peoples wealth and as a result may increase their willingness to spend.
0 decreases the amount of funds that business firms can raise by selling newly -issued stock.

1 decreases peoples wealth, but is unlikely to increase their willingness to spend.

Answer: B
Ques Status: Previous Edition

0 When stock prices fall
an individuals wealth is not affected nor is their willingness to spend.
0 a business firm will be more likely to sell stock to finance investment spending.
0 an individuals wealth may decrease but their willingness to spend is not affected.
1 an individuals wealth may decrease and their willingness to spend may decrease.

Answer: D
Ques Status: Previous Edition

0 Changes in stock prices
0 do not affect peoples wealth and their willingness to spend.
0 affect firms decisions to sell stock to finance investment spending.
5888 occur in regular patterns.
5889 are unimportant to decision makers.

Answer: B
Ques Status: Previous Edition

Chapter 1  Why Study Money, Banking, and Financial Markets? 5

0 An increase in stock prices ________ the size of peoples wealth and may ________ their willingness to spend, everything else held constant.

0 increases; increase
0 increases; decrease
0 decreases; increase
1 decreases; decrease

Answer: A
Ques Status: Previous Edition

0 Low stock market prices might ________ consumers willingness to spend and might ________
businesses willingness to undertake investment projects.
0.0 increase; increase
increase; decrease
decrease; decrease
decrease; increase

Answer: C
Ques Status: New

0 Fear of a major recession causes stock prices to fall, everything else held constant, which in turn causes consumer spending to

increase.
0 remain unchanged.
0 decrease.
1 cannot be determined.

Answer: C
Ques Status: Previous Edition

0 A share of common stock is a claim on a corporations
0 debt.
0 liabilities.
0 expenses.
1 earnings and assets.

Answer: D
Ques Status: Revised

0 On ________, October 19, 1987, the market experienced its worst one-day drop in its entire history with the DIJA falling by more than 500 points.
0 Terrible Tuesday
0 Woeful Wednesday
0 Freaky Friday
1 Black Monday

Answer: D
Ques Status: Previous Edition

0 Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

The decline in stock prices from 2000 through 2002
0 increased individuals willingness to spend.
23 had no effect on individual spending.
reduced individuals willingness to spend.
increased individual wealth.

Answer: C
Ques Status: Previous Edition

0 The Dow reached a peak of over 11,000 before the collapse of the ________ bubble in 2000.
housing
0 manufacturing
high-tech
banking

Answer: C
Ques Status: Previous Edition

What is a stock? How do stocks affect the economy?

Answer: A stock represents a share of ownership of a corporation, or a claim on a firms earnings/assets. Stocks are part of wealth, and changes in their value affect peoples willingness to spend. Changes in stock prices affect a firms ability to raise funds, and thus their investment.
Ques Status: Previous Edition

Why is it important to understand the bond market?

Answer: The bond market supports economic activity by enabling the government and corporations to borrow to undertake their projects and it is the market where interest rates are determined.

Ques Status: New

1.2 Why Study Financial Institutions and Banking?

Channeling funds from individuals with surplus funds to those desiring funds when the saver does not purchase the borrowers security is known as

barter.
redistribution.
financial intermediation.
taxation.

Answer: C
Ques Status: Previous Edition

A financial crisis is
not possible in the modern financial environment.
a major disruption in the financial markets.
a feature of developing economies only.
typically followed by an economic boom.

Answer: B
Ques Status: New

Chapter 1  Why Study Money, Banking, and Financial Markets? 7

Banks are important to the study of money and the economy because they
channel funds from investors to savers.
have been a source of rapid financial innovation.
are the only important financial institution in the U.S. economy.
create inflation.

Answer: B
Ques Status: Previous Edition

Financial intermediaries
provide a channel for linking those who want to save with those who want to invest.
produce nothing of value and are therefore a drain on societys resources.
can hurt the performance of the economy.
hold very little of the average Americans wealth.

Answer: A
Ques Status: Revised

Banks, savings and loan associations, mutual savings banks, and credit unions
are no longer important players in financial intermediation.
since deregulation now provide services only to small depositors.
have been adept at innovating in response to changes in the regulatory environment.
produce nothing of value and are therefore a drain on societys resources.

Answer: C
Ques Status: Previous Edition

Financial institutions search for ________ has resulted in many financial innovations.
higher profits
regulations
respect
higher risk

Answer: A
Ques Status: New

Banks and other financial institutions engage in financial intermediation, which
can hurt the performance of the economy.
can benefit economic performance.
has no effect on economic performance.
involves borrowing from investors and lending to savers.

Answer: B
Ques Status: Previous Edition

Financial institutions that accept deposits and make loans are called ________.
exchanges
banks
over-the-counter markets
finance companies

Answer: B
Ques Status: Previous Edition

Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

The financial intermediaries that the average person interacts with most frequently are
________.
exchanges
over-the-counter markets
finance companies
banks

Answer: D
Ques Status: Previous Edition

Which of the following is not a financial institution?
a life insurance company
a pension fund
a credit union
a business college

Answer: D
Ques Status: Previous Edition

The delivery of financial services electronically is called ________.
e-business
e-commerce
e-finance
e-possible

Answer: C
Ques Status: Previous Edition

What crucial role do financial intermediaries perform in an economy?

Answer: Financial intermediaries borrow funds from people who have saved and make loans to other individuals and businesses and thus improve the efficiency of the economy.

Ques Status: New

1.3 Why Study Money and Monetary Policy?

Money is defined as
bills of exchange.
anything that is generally accepted in payment for goods and services or in the repayment of debt.

a risk-free repository of spending power.
the unrecognized liability of governments.

Answer: B
Ques Status: Previous Edition

The upward and downward movement of aggregate output produced in the economy is referred to as the ________.
roller coaster
see saw
business cycle
shock wave

Answer: C
Ques Status: Previous Edition

Chapter 1  Why Study Money, Banking, and Financial Markets? 9

Sustained downward movements in the business cycle are referred to as
inflation.
recessions.
economic recoveries.
expansions.

Answer: B
Ques Status: Previous Edition

During a recession, output declines resulting in
lower unemployment in the economy.
higher unemployment in the economy.
no impact on the unemployment in the economy.
higher wages for the workers.

Answer: B
Ques Status: New

Prior to all recessions since 1900, there has been a drop in
inflation.
the money stock.
the growth rate of the money stock.
interest rates.

Answer: C
Ques Status: Previous Edition

Evidence from business cycle fluctuations in the United States indicates that
a negative relationship between money growth and general economic activity exists.
recessions have been preceded by declines in share prices on the stock exchange.
recessions have been preceded by dollar depreciation.
recessions have been preceded by a decline in the growth rate of money.

Answer: D
Ques Status: Previous Edition

________ theory relates changes in the quantity of money to changes in aggregate economic activity and the price level.

Monetary
Fiscal
Financial
Systemic

Answer: A
Ques Status: Previous Edition

A sharp increase in the growth of the money supply is likely followed by
a recession.
a depression.
an increase in the inflation rate.
no change in the economy.

Answer: C
Ques Status: Previous Edition

Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

It is true that inflation is a
continuous increase in the money supply.
continuous fall in prices.
decline in interest rates.
continually rising price level.

Answer: D
Ques Status: Previous Edition

Which of the following is a true statement?
Money or the money supply is defined as Federal Reserve notes.
The average price of goods and services in an economy is called the aggregate price level.

The inflation rate is measured as the rate of change in the federal government budget deficit.

The aggregate price level is measured as the rate of change in the inflation rate.

Answer: B
Ques Status: Previous Edition

If ten years ago the prices of the items bought last month by the average consumer would have been much higher, then one can likely conclude that

the aggregate price level has declined during this ten-year period.
the average inflation rate for this ten-year period has been positive.
the average rate of money growth for this ten-year period has been positive.
the aggregate price level has risen during this ten-year period.

Answer: A
Ques Status: Previous Edition

From 1950-2008 the price level in the United States increased more than ________.
twofold
threefold
sixfold
ninefold

Answer: C
Ques Status: Revised

Complete Milton Friedmans famous statement, Inflation is always and everywhere a ________

phenomenon.
recessionary
discretionary
repressionary
monetary

Answer: D
Ques Status: Previous Edition

There is a ________ association between inflation and the growth rate of money ________.
positive; demand
positive; supply
negative; demand
negative; supply

Answer: B
Ques Status: New

Chapter 1  Why Study Money, Banking, and Financial Markets? 11

Evidence from the United States and other foreign countries indicates that
there is a strong positive association between inflation and growth rate of money over long periods of time.

there is little support for the assertion that inflation is always and everywhere a monetary phenomenon.

countries with low monetary growth rates tend to experience higher rates of inflation, all else being constant.

money growth is clearly unrelated to inflation.

Answer: A
Ques Status: Previous Edition

Countries that experience very high rates of inflation may also have
balanced budgets.
rapidly growing money supplies.
falling money supplies.
constant money supplies.

Answer: B
Ques Status: Revised

Between 1950 and 1980 in the U.S., interest rates trended upward. During this same time period,
the rate of money growth declined.
the rate of money growth increased.
the government budget deficit (expressed as a percentage of GNP) trended downward.
the aggregate price level declined quite dramatically.

Answer: B
Ques Status: Previous Edition

The management of money and interest rates is called ________ policy and is conducted by a nations ________ bank.

monetary; superior
fiscal; superior
fiscal; central
monetary; central

Answer: D
Ques Status: Previous Edition

The organization responsible for the conduct of monetary policy in the United States is the
Comptroller of the Currency.
U.S. Treasury.
Federal Reserve System.
Bureau of Monetary Affairs.

Answer: C
Ques Status: Previous Edition

Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

________ policy involves decisions about government spending and taxation.
Monetary
Fiscal
Financial
Systemic

Answer: B
Ques Status: Previous Edition

When tax revenues are greater than government expenditures, the government has a budget
________.
crisis
deficit
surplus
revision

Answer: C
Ques Status: Previous Edition

A budget ________ occurs when government expenditures exceed tax revenues for a particular time period.

deficit
surplus
surge
surfeit

Answer: A
Ques Status: New

Budgets deficits can be a concern because they might
ultimately lead to higher inflation.
lead to lower interest rates.
lead to a slower rate of money growth.
lead to higher bond prices.

Answer: A
Ques Status: Previous Edition

Budget deficits are important because deficits
cause bank failures.
always cause interest rates to fall.
can result in higher rates of monetary growth.
always cause prices to fall.

Answer: C
Ques Status: Previous Edition

What happens to economic growth and unemployment during a business cycle recession? What is the relationship between the money growth rate and a business cycle recession?

Answer: During a recession, output declines and unemployment increases. Prior to every recession in the U.S. the money growth rate has declined, however, not every decline is followed by a recession.
Ques Status: Previous Edition

Chapter 1  Why Study Money, Banking, and Financial Markets? 13

1.4 Why Study International Finance?

American companies can borrow funds
only in U.S. financial markets.
only in foreign financial markets.
in both U.S. and foreign financial markets.
only from the U.S. government.

Answer: C
Ques Status: New

The price of one countrys currency in terms of another countrys currency is called the
exchange rate.
interest rate.
Dow Jones industrial average.
prime rate.

Answer: A
Ques Status: Previous Edition

The market where one currency is converted into another currency is called the ________
market.
stock
bond
derivatives
foreign exchange

Answer: D
Ques Status: Previous Edition

Everything else constant, a stronger dollar will mean that
vacationing in England becomes more expensive.
vacationing in England becomes less expensive.
French cheese becomes more expensive.
Japanese cars become more expensive.

Answer: B
Ques Status: Previous Edition

Which of the following is most likely to result from a stronger dollar?
U.S. goods exported aboard will cost less in foreign countries, and so foreigners will buy more of them.

U.S. goods exported aboard will cost more in foreign countries and so foreigners will buy more of them.

U.S. goods exported abroad will cost more in foreign countries, and so foreigners will buy fewer of them.

Americans will purchase fewer foreign goods.

Answer: C
Ques Status: Previous Edition

Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

Everything else held constant, a weaker dollar will likely hurt
textile exporters in South Carolina.
wheat farmers in Montana that sell domestically.
automobile manufacturers in Michigan that use domestically produced inputs.
furniture importers in California.

Answer: D
Ques Status: Previous Edition

Everything else held constant, a stronger dollar benefits ________ and hurts ________.
American businesses; American consumers
American businesses; foreign businesses
American consumers; American businesses
foreign businesses; American consumers

Answer: C
Ques Status: Previous Edition

From 1980 to early 1985 the dollar ________ in value, thereby benefiting American ________.
appreciated; consumers
appreciated, businesses
depreciated; consumers
depreciated, businesses

Answer: A
Ques Status: Previous Edition

From 1980 to 1985 the dollar appreciated relative to the British pound. Holding everything else constant, one would expect that, when compared to 1980,

fewer Britons traveled to the United States in 1985.
Britons imported more wine from California in 1985.
Americans exported more wheat to England in 1985.
more Britons traveled to the United States in 1985.

Answer: A
Ques Status: Previous Edition

When in 1985 a British pound cost approximately $1.30, a Shetland sweater that cost 100 British pounds would have cost $130. With a weaker dollar, the same Shetland sweater would have cost

less than $130.
more than $130.
$130, since the exchange rate does not affect the prices that American consumers pay for foreign goods.

$130, since the demand for Shetland sweaters will decrease to prevent an increase in price due to the stronger dollar.

Answer: B
Ques Status: Previous Edition

Chapter 1  Why Study Money, Banking, and Financial Markets? 15

Everything else held constant, a decrease in the value of the dollar relative to all foreign currencies means that the price of foreign goods purchased by Americans

increases
decreases.
remains unchanged.
either increases, decreases, or remains unchanged.

Answer: A
Ques Status: Previous Edition

American farmers who sell beef to Europe benefit most from
a decrease in the dollar price of euros.
an increase in the dollar price of euros.
a constant dollar price for euros.
a European ban on imports of American beef.

Answer: B
Ques Status: Previous Edition

If the price of a euro (the European currency) increases from $1.00 to $1.10, then, everything else held constant,
a European vacation becomes less expensive.
a European vacation becomes more expensive.
the cost of a European vacation is not affected.
foreign travel becomes impossible.

Answer: B
Ques Status: Previous Edition

Everything else held constant, Americans who love French wine benefit most from
a decrease in the dollar price of euros.
an increase in the dollar price of euros.
a constant dollar price for euros.
a ban on imports from Europe.

Answer: A
Ques Status: Previous Edition

From 1980-1985, the dollar strengthened in value against other currencies. Who was helped and who was hurt by this strong dollar?

Answer: American consumers benefitted because imports were cheaper and consumers could purchase more. American businesses and workers in those businesses were hurt as domestic and foreign sales of American products fell.

Ques Status: New

Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

1.5 Appendix: Defining Aggregate Output, Income, the Price Level, and the Inflation Rate

The most comprehensive measure of aggregate output is
gross domestic product.
net national product.
the stock value of the industrial 500.
national income.

Answer: A
Ques Status: Previous Edition

The gross domestic product is the
the value of all wealth in an economy.
the value of all goods and services sold to other nations in a year.
the market value of all final goods and services produced in an economy in a year.
the market value of all intermediate goods and services produced in an economy in a year.

Answer: C
Ques Status: Previous Edition

Which of the following items are not counted in U.S. GDP?
your purchase of a new Ford Mustang
your purchase of new tires for your old car
GMs purchase of tires for new cars
a foreign consumers purchase of a new Ford Mustang

Answer: C
Ques Status: New

If an economy has aggregate output of $20 trillion, then aggregate income is
$10 trillion.
$20 trillion.
$30 trillion.
$40 trillion.

Answer: B
Ques Status: Previous Edition

When the total value of final goods and services is calculated using current prices, the resulting measure is referred to as
real GDP.
the GDP deflator.
nominal GDP.
the index of leading indicators.

Answer: C
Ques Status: Previous Edition

Chapter 1  Why Study Money, Banking, and Financial Markets? 17

Nominal GDP is output measured in ________ prices while real GDP is output measured in
________ prices.
current; current
current; fixed
fixed; fixed
fixed; current

Answer: B
Ques Status: New

GDP measured with constant prices is referred to as
real GDP.
nominal GDP.
the GDP deflator.
industrial production.

Answer: A
Ques Status: Previous Edition

If your nominal income in 2002 was $50,000, and prices doubled between 2002 and 2008, to have the same real income, your nominal income in 2008 must be
$50,000.
$75,000.
$90,000.
$100,000.

Answer: D
Ques Status: Revised

If your nominal income in 1998 is $50,000, and prices increase by 50% between 1998 and 2008, then to have the same real income, your nominal income in 2008 must be
$50,000.
$75,000.
$100,000.
$150,000.

Answer: B
Ques Status: Revised

To convert a nominal GDP to a real GDP, you would use
the PCE deflator.
the CPI measure.
the GDP deflator.
the PPI measure.

Answer: C
Ques Status: New

Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

If nominal GDP in 2001 is $9 trillion, and 2001 real GDP in 1996 prices is $6 trillion, the GDP deflator price index is
7.
100.
150.
200.

Answer: C
Ques Status: Previous Edition

When prices are measured in terms of fixed (base-year) prices they are called ________ prices.

nominal
real
inflated
aggregate

Answer: B
Ques Status: Previous Edition

The measure of the aggregate price level that is most frequently reported in the media is the
________.
GDP deflator
producer price index
consumer price index
household price index

Answer: C
Ques Status: Previous Edition

To calculate the growth rate of a variable, you will
calculate the percentage change from one time period to the next.
calculate the difference between the two variables.
add the ending value to the beginning value.
divide the increase by the number of time periods.

Answer: A
Ques Status: New

If real GDP grows from $10 trillion in 2002 to $10.5 trillion in 2003, the growth rate for real GDP is
5%.
10%.
50%.
0.5%.

Answer: A
Ques Status: Previous Edition

Chapter 1  Why Study Money, Banking, and Financial Markets? 19

If real GDP in 2002 is $10 trillion, and in 2003 real GDP is $9.5 trillion, then real GDP growth from 2002 to 2003 is

0.5%.
5%.
0%.
-5%.

Answer: D
Ques Status: Previous Edition

If the aggregate price level at time t is denoted by Pt, the inflation rate from time t 1 to t is defined as

t = (Pt Pt 1)/Pt 1.
t = (Pt + 1 Pt 1) /Pt 1.
t = (Pt + 1 Pt) /Pt.
t = (Pt Pt 1) /Pt.

Answer: A
Ques Status: Previous Edition

If the price level increases from 200 in year 1 to 220 in year 2, the rate of inflation from year 1 to year 2 is

20%.
10%.
11%.
120%.

Answer: B
Ques Status: Previous Edition

If the CPI is 120 in 1996 and 180 in 2002, then between 1996 and 2002, prices have increased by
180%.
80%.
60%.
50%.

Answer: D
Ques Status: Previous Edition

If the CPI in 2004 is 200, and in 2005 the CPI is 180, the rate of inflation from 2004 to 2005 is
20%.
10%.
0%.
-10%.

Answer: D
Ques Status: Previous Edition

Chapter 2
An Overview of the Financial System

2.1 Function of Financial Markets

Every financial market has the following characteristic:
It determines the level of interest rates.
It allows common stock to be traded.
It allows loans to be made.
It channels funds from lenders-savers to borrowers-spenders.

Answer: D
Ques Status: Previous Edition

Financial markets have the basic function of
getting people with funds to lend together with people who want to borrow funds.

assuring that the swings in the business cycle are less pronounced.
assuring that governments need never resort to printing money.
providing a risk-free repository of spending power.

Answer: A
Ques Status: Previous Edition

Financial markets improve economic welfare because
they channel funds from investors to savers.
they allow consumers to time their purchase better.
they weed out inefficient firms.
eliminate the need for indirect finance.

Answer: B
Ques Status: Previous Edition

Well-functioning financial markets
cause inflation.
eliminate the need for indirect finance.
cause financial crises.
produce an efficient allocation of capital.

Answer: D
Ques Status: Previous Edition

A breakdown of financial markets can result in
financial stability.
rapid economic growth.
political instability.
stable prices.

Answer: C
Ques Status: Previous Edition

Chapter 2  An Overview of the Financial System  21

The principal lender-savers are
governments.
businesses.
households.
foreigners.

Answer: C
Ques Status: New

Which of the following can be described as direct finance?
You take out a mortgage from your local bank.
You borrow $2500 from a friend.
You buy shares of common stock in the secondary market.
You buy shares in a mutual fund.

Answer: B
Ques Status: Previous Edition

Assume that you borrow $2000 at 10% annual interest to finance a new business project. For this loan to be profitable, the minimum amount this project must generate in annual earnings is
$400.
$201.
$200.
$199.

Answer: B
Ques Status: Previous Edition

You can borrow $5000 to finance a new business venture. This new venture will generate annual earnings of $251. The maximum interest rate that you would pay on the borrowed funds and still increase your income is

25%.
12.5%.
10%.
5%.

Answer: D
Ques Status: Previous Edition

Which of the following can be described as involving direct finance?
A corporation issues new shares of stock.
People buy shares in a mutual fund.
A pension fund manager buys a short-term corporate security in the secondary market.
An insurance company buys shares of common stock in the over-the-counter markets.

Answer: A
Ques Status: Previous Edition

Which of the following can be described as involving direct finance?
A corporation takes out loans from a bank.
People buy shares in a mutual fund.
A corporation buys a short-term corporate security in a secondary market.
People buy shares of common stock in the primary markets.

Answer: D
Ques Status: Previous Edition

Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

Which of the following can be described as involving indirect finance?
You make a loan to your neighbor.
A corporation buys a share of common stock issued by another corporation in the primary market.

You buy a U.S. Treasury bill from the U.S. Treasury.
You make a deposit at a bank.

Answer: D
Ques Status: Previous Edition

Which of the following can be described as involving indirect finance?
You make a loan to your neighbor.
You buy shares in a mutual fund.
You buy a U.S. Treasury bill from the U.S. Treasury.
A corporation buys a short-term security issued by another corporation in the primary market.

Answer: B
Ques Status: Previous Edition

Securities are ________ for the person who buys them, but are ________ for the individual or firm that issues them.
assets; liabilities
liabilities; assets
negotiable; nonnegotiable
nonnegotiable; negotiable

Answer: A
Ques Status: Previous Edition

With ________ finance, borrowers obtain funds from lenders by selling them securities in the financial markets.
active
determined
indirect
direct

Answer: D
Ques Status: Previous Edition

With direct finance funds are channeled through the financial market from the ________ directly to the ________.
savers, spenders
spenders, investors
borrowers, savers
investors, savers

Answer: A
Ques Status: Previous Edition

Chapter 2  An Overview of the Financial System  23

Distinguish between direct finance and indirect finance. Which of these is the most important source of funds for corporations in the United States?

Answer: With direct finance, funds flow directly from the lender/saver to the borrower. With indirect finance, funds flow from the lender/saver to a financial intermediary who then channels the funds to the borrower/investor. Financial intermediaries (indirect finance) are the major source of funds for corporations in the U.S.
Ques Status: Previous Edition

2.2 Structure of Financial Markets

Which of the following statements about the characteristics of debt and equity is false?
They can both be long-term financial instruments.
They can both be short-term financial instruments.
They both involve a claim on the issuers income.
They both enable a corporation to raise funds.

Answer: B
Ques Status: Previous Edition

Which of the following statements about the characteristics of debt and equities is true?
They can both be long-term financial instruments.
Bond holders are residual claimants.
The income from bonds is typically more variable than that from equities.
Bonds pay dividends.

Answer: A
Ques Status: Previous Edition

Which of the following statements about financial markets and securities is true?
A bond is a long-term security that promises to make periodic payments called dividends to the firms residual claimants.

A debt instrument is intermediate term if its maturity is less than one year.
A debt instrument is intermediate term if its maturity is ten years or longer.
The maturity of a debt instrument is the number of years (term) to that instruments expiration date.

Answer: D
Ques Status: Previous Edition

Which of the following is an example of an intermediate-term debt?
A thirty-year mortgage.
A sixty-month car loan.
A six month loan from a finance company.
A Treasury bond.

Answer: B
Ques Status: Previous Edition

Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

If the maturity of a debt instrument is less than one year, the debt is called ________.
short-term
intermediate-term
long-term
prima-term

Answer: A
Ques Status: Previous Edition

Long-term debt has a maturity that is ________.
between one and ten years.
less than a year.
between five and ten years.
ten years or longer.

Answer: D
Ques Status: Previous Edition

When I purchase ________, I own a portion of a firm and have the right to vote on issues important to the firm and to elect its directors.
bonds
bills
notes
stock

Answer: D
Ques Status: Previous Edition

Equity holders are a corporations ________. That means the corporation must pay all of its debt holders before it pays its equity holders.
debtors
brokers
residual claimants
underwriters

Answer: C
Ques Status: Previous Edition

Which of the following benefit directly from any increase in the corporations profitability?
a bond holder
a commercial paper holder
a shareholder
a T-bill holder

Answer: C
Ques Status: New

A financial market in which previously issued securities can be resold is called a ________
market.
primary
secondary
tertiary
used securities

Answer: B
Ques Status: Previous Edition

Chapter 2  An Overview of the Financial System  25

An important financial institution that assists in the initial sale of securities in the primary market is the

investment bank.
commercial bank.
stock exchange.
brokerage house.

Answer: A
Ques Status: Previous Edition

When an investment bank ________ securities, it guarantees a price for a corporations securities and then sells them to the public.

underwrites
undertakes
overwrites
overtakes

Answer: A
Ques Status: Previous Edition

Which of the following is not a secondary market?
foreign exchange market
futures market
options market
IPO market

Answer: D
Ques Status: New

________ work in the secondary markets matching buyers with sellers of securities.
Dealers
Underwriters
Brokers
Claimants

Answer: C
Ques Status: Previous Edition

A corporation acquires new funds only when its securities are sold in the
primary market by an investment bank.
primary market by a stock exchange broker.
secondary market by a securities dealer.
secondary market by a commercial bank.

Answer: A
Ques Status: Previous Edition

A corporation acquires new funds only when its securities are sold in the
secondary market by an investment bank.
primary market by an investment bank.
secondary market by a stock exchange broker.
secondary market by a commercial bank.

Answer: B
Ques Status: Previous Edition

Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

An important function of secondary markets is to
make it easier to sell financial instruments to raise funds.
raise funds for corporations through the sale of securities.
make it easier for governments to raise taxes.
create a market for newly constructed houses.

Answer: A
Ques Status: Previous Edition

Secondary markets make financial instruments more
solid.
vapid.
liquid.
risky.

Answer: C
Ques Status: Previous Edition

A liquid asset is
an asset that can easily and quickly be sold to raise cash.
a share of an ocean resort.
difficult to resell.
always sold in an over-the-counter market.

Answer: A
Ques Status: New

The higher a securitys price in the secondary market the ________ funds a firm can raise by selling securities in the ________ market.

more; primary
more; secondary
less; primary
less; secondary

Answer: A
Ques Status: Previous Edition

When secondary market buyers and sellers of securities meet in one central location to conduct trades the market is called a(n)

exchange.
over-the-counter market.
common market.
barter market.

Answer: A
Ques Status: New

Forty or so dealers establish a market in these securities by standing ready to buy and sell them.

Secondary stocks
Surplus stocks
U.S. government bonds
Common stocks

Answer: C
Ques Status: Previous Edition

Chapter 2  An Overview of the Financial System  27

Which of the following statements about financial markets and securities is true?
Many common stocks are traded over-the-counter, although the largest corporations usually have their shares traded at organized stock exchanges such as the New York Stock Exchange.

As a corporation gets a share of the brokers commission, a corporation acquires new funds whenever its securities are sold.

Capital market securities are usually more widely traded than shorter-term securities and so tend to be more liquid.

Because of their short-terms to maturity, the prices of money market instruments tend to fluctuate wildly.

Answer: A
Ques Status: Previous Edition

A financial market in which only short-term debt instruments are traded is called the ________
market.
bond
money
capital
stock

Answer: B
Ques Status: Previous Edition

Equity instruments are traded in the ________ market.
money
bond
capital
commodities

Answer: C
Ques Status: Previous Edition

Corporations receive funds when their stock is sold in the primary market. Why do corporations pay attention to what is happening to their stock in the secondary market?

Answer: The existence of the secondary market makes their stock more liquid and the price in the secondary market sets the price that the corporation would receive if they choose to sell more stock in the primary market.

Ques Status: Previous Edition

Describe the two methods of organizing a secondary market.

Answer: A secondary market can be organized as an exchange where buyers and sellers meet in one central location to conduct trades. An example of an exchange is the New York Stock Exchange. A secondary market can also be organized as an over -the-counter market. In this type of market, dealers in different locations buy and sell securities to anyone who comes to them and is willing to accept their prices. An example of an over -the-counter market is the federal funds market.
Ques Status: New

Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

2.3 Financial Market Instruments

Prices of money market instruments undergo the least price fluctuations because of
the short terms to maturity for the securities.
the heavy regulations in the industry.
the price ceiling imposed by government regulators.
the lack of competition in the market.

Answer: A
Ques Status: New

U.S. Treasury bills pay no interest but are sold at a ________. That is, you will pay a lower purchase price than the amount you receive at maturity.

premium
collateral
default
discount

Answer: D
Ques Status: Previous Edition

U.S. Treasury bills are considered the safest of all money market instruments because there is no risk of ________.

defeat
default
desertion
demarcation

Answer: B
Ques Status: Previous Edition

A debt instrument sold by a bank to its depositors that pays annual interest of a given amount and at maturity pays back the original purchase price is called

commercial paper.
a negotiable certificate of deposit.
a municipal bond.
federal funds.

Answer: B
Ques Status: Revised

A short-term debt instrument issued by well-known corporations is called
commercial paper.
corporate bonds.
municipal bonds.
commercial mortgages.

Answer: A
Ques Status: New

Chapter 2  An Overview of the Financial System  29

________ are short-term loans in which Treasury bills serve as collateral.
Repurchase agreements
Negotiable certificates of deposit
Federal funds
U.S. government agency securities

Answer: A
Ques Status: New

Collateral is ________ the lender receives if the borrower does not pay back the loan.
a liability
an asset
a present
an offering

Answer: B
Ques Status: Previous Edition

Federal funds are
funds raised by the federal government in the bond market.
loans made by the Federal Reserve System to banks.
loans made by banks to the Federal Reserve System.
loans made by banks to each other.

Answer: D
Ques Status: Previous Edition

The British Bankers Association average of interbank rates for dollar deposits in the London market is called the
Libor rate.
federal funds rate.
prime rate.
Treasury Bill rate.

Answer: A
Ques Status: New

Which of the following are short-term financial instruments?
A repurchase agreement.
A share of Walt Disney Corporation stock.
A Treasury note with a maturity of four years.
A residential mortgage.

Answer: A
Ques Status: Revised

Which of the following instruments are traded in a money market?
State and local government bonds.
U.S. Treasury bills.
Corporate bonds.
U.S. government agency securities.

Answer: B
Ques Status: Previous Edition

Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

Which of the following instruments are traded in a money market?
Bank commercial loans.
Commercial paper.
State and local government bonds.
Residential mortgages.

Answer: B
Ques Status: Revised

Which of the following instruments is not traded in a money market?
Residential mortgages.
U.S. Treasury Bills.
Negotiable bank certificates of deposit.
Commercial paper.

Answer: A
Ques Status: Revised

Bonds issued by state and local governments are called ________ bonds.
corporate
Treasury
municipal
commercial

Answer: C
Ques Status: Previous Edition

Equity and debt instruments with maturities greater than one year are called ________ market instruments.

capital
money
federal
benchmark

Answer: A
Ques Status: New

Which of the following is a long-term financial instrument?
A negotiable certificate of deposit.
A repurchase agreement.
A U.S. Treasury bond.
A U.S. Treasury bill.

Answer: C
Ques Status: Revised

Which of the following instruments are traded in a capital market?
U.S. Government agency securities.
Negotiable bank CDs.
Repurchase agreements.
U.S. Treasury bills.

Answer: A
Ques Status: Revised

Chapter 2  An Overview of the Financial System  31

Which of the following instruments are traded in a capital market?
Corporate bonds.
U.S. Treasury bills.
Negotiable bank CDs.
Repurchase agreements.

Answer: A
Ques Status: Revised

Which of the following are not traded in a capital market?
U.S. government agency securities.
State and local government bonds.
Repurchase agreements.
Corporate bonds.

Answer: C
Ques Status: Previous Edition

2.4 Internationalization of Financial Markets

Equity of U.S. companies can be purchased by
U.S. citizens only.
foreign citizens only.
U.S. citizens and foreign citizens.
U.S. mutual funds only.

Answer: C
Ques Status: New

One reason for the extraordinary growth of foreign financial markets is
decreased trade.
increases in the pool of savings in foreign countries.
the recent introduction of the foreign bond.
slower technological innovation in foreign markets.

Answer: B
Ques Status: Revised

Bonds that are sold in a foreign country and are denominated in the countrys currency in which they are sold are known as

foreign bonds.
Eurobonds.
equity bonds.
country bonds.

Answer: A
Ques Status: Previous Edition

Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

Bonds that are sold in a foreign country and are denominated in a currency other than that of the country in which it is sold are known as
foreign bonds.
Eurobonds.
equity bonds.
country bonds.

Answer: B
Ques Status: Previous Edition

If Microsoft sells a bond in London and it is denominated in dollars, the bond is a ________.
Eurobond
foreign bond
British bond
currency bond

Answer: A
Ques Status: Previous Edition

U.S. dollar deposits in foreign banks outside the U.S. or in foreign branches of U.S. banks are called ________.

Atlantic dollars
Eurodollars
foreign dollars
outside dollars

Answer: B
Ques Status: Previous Edition

Distinguish between a foreign bond and a Eurobond.

Answer: A foreign bond is sold in a foreign country and priced in that countrys currency. A Eurobond is sold in a foreign country and priced in a currency that is not that countrys currency.

Ques Status: New

2.5 Function of Financial Intermediaries: Indirect Finance

The process of indirect finance using financial intermediaries is called
direct lending.
financial intermediation.
resource allocation.
financial liquidation.

Answer: B
Ques Status: Previous Edition

In the United States, loans from ________ are far ________ important for corporate finance than are securities markets.

government agencies; more
government agencies; less
financial intermediaries; more
financial intermediaries; less

Answer: C
Ques Status: Previous Edition

Chapter 2  An Overview of the Financial System  33

The time and money spent in carrying out financial transactions are called
economies of scale.
financial intermediation.
liquidity services.
transaction costs.

Answer: D
Ques Status: New

Economies of scale enable financial institutions to
reduce transactions costs.
avoid the asymmetric information problem.
avoid adverse selection problems.
reduce moral hazard.

Answer: A
Ques Status: Previous Edition

An example of economies of scale in the provision of financial services is
investing in a diversified collection of assets.
providing depositors with a variety of savings certificates.
spreading the cost of borrowed funds over many customers.
spreading the cost of writing a standardized contract over many borrowers.

Answer: D
Ques Status: Previous Edition

Financial intermediaries provide customers with liquidity services. Liquidity services
make it easier for customers to conduct transactions.
allow customers to have a cup of coffee while waiting in the lobby.
are a result of the asymmetric information problem.
are another term for asset transformation.

Answer: A
Ques Status: New

The process where financial intermediaries create and sell low-risk assets and use the proceeds to purchase riskier assets is known as

risk sharing.
risk aversion.
risk neutrality.
risk selling.

Answer: A
Ques Status: Previous Edition

The process of asset transformation refers to the conversion of
safer assets into risky assets.
safer assets into safer liabilities.
risky assets into safer assets.
risky assets into risky liabilities.

Answer: C
Ques Status: Previous Edition

Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

Reducing risk through the purchase of assets whose returns do not always move together is

diversification.
intermediation.
intervention.
discounting.

Answer: A
Ques Status: Previous Edition

The concept of diversification is captured by the statement
dont look a gift horse in the mouth.
dont put all your eggs in one basket.
it never rains, but it pours.
make hay while the sun shines.

Answer: B
Ques Status: Previous Edition

Risk sharing is profitable for financial institutions due to
low transactions costs.
asymmetric information.
adverse selection.
moral hazard.

Answer: A
Ques Status: Previous Edition

Typically, borrowers have superior information relative to lenders about the potential returns and risks associated with an investment project. The difference in information is called
moral selection.
risk sharing.
asymmetric information.
adverse hazard

Answer: C
Ques Status: Revised

If bad credit risks are the ones who most actively seek loans and, therefore, receive them from financial intermediaries, then financial intermediaries face the problem of

moral hazard.
adverse selection.
free-riding.
costly state verification.

Answer: B
Ques Status: Previous Edition

The problem created by asymmetric information before the transaction occurs is called
________, while the problem created after the transaction occurs is called ________.
adverse selection; moral hazard
moral hazard; adverse selection
costly state verification; free-riding
free-riding; costly state verification

Answer: A
Ques Status: Previous Edition

Chapter 2  An Overview of the Financial System  35

Adverse selection is a problem associated with equity and debt contracts arising from
the lenders relative lack of information about the borrowers potential returns and risks of his investment activities.

the lenders inability to legally require sufficient collateral to cover a 100% loss if the borrower defaults.

the borrowers lack of incentive to seek a loan for highly risky investments.
the borrowers lack of good options for obtaining funds.

Answer: A
Ques Status: Previous Edition

An example of the problem of ________ is when a corporation uses the funds raised from selling bonds to fund corporate expansion to pay for Caribbean cruises for all of its employees and their families.

adverse selection
moral hazard
risk sharing
credit risk

Answer: B
Ques Status: Previous Edition

Studies of the major developed countries show that when businesses go looking for funds to finance their activities they usually obtain these funds from

government agencies.
equities markets.
financial intermediaries.
bond markets.

Answer: C
Ques Status: Previous Edition

The countries that have made the least use of securities markets are ________ and ________; in these two countries finance from financial intermediaries has been almost ten times greater than that from securities markets.

Germany; Japan
Germany; Great Britain
Great Britain; Canada
Canada; Japan

Answer: A
Ques Status: Previous Edition

Although the dominance of ________ over ________ is clear in all countries, the relative importance of bond versus stock markets differs widely.
financial intermediaries; securities markets
financial intermediaries; government agencies
government agencies; financial intermediaries
government agencies; securities markets

Answer: A
Ques Status: Previous Edition

Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

Because there is an imbalance of information in a lending situation, we must deal with the problems of adverse selection and moral hazard. Define these terms and explain how financial intermediaries can reduce these problems.

Answer: Adverse selection is the asymmetric information problem that exists before the transaction occurs. For lenders, it is the difficulty in judging a good credit risk from a bad credit risk. Moral hazard is the asymmetric information problem that exists after the transaction occurs. For lenders, it is the difficulty in making sure the borrower uses the funds appropriately. Financial intermediaries can reduce adverse selection through intensive screening and can reduce moral hazard by monitoring the borrower.

Ques Status: Previous Edition

2.6 Types of Financial Intermediaries

Financial institutions that accept deposits and make loans are called ________ institutions.
investment
contractual savings
depository
underwriting

Answer: C
Ques Status: Previous Edition

Thrift institutions include
banks, mutual funds, and insurance companies.
savings and loan associations, mutual savings banks, and credit unions.
finance companies, mutual funds, and money market funds.
pension funds, mutual funds, and banks.

Answer: B
Ques Status: Previous Edition

Which of the following is a depository institution?
A life insurance company
A credit union
A pension fund
A mutual fund

Answer: B
Ques Status: Previous Edition

Which of the following is a depository institution?
A life insurance company
A mutual savings bank
A pension fund
A finance company

Answer: B
Ques Status: Previous Edition

Chapter 2  An Overview of the Financial System  37

Which of the following financial intermediaries is not a depository institution?
A savings and loan association
A commercial bank
A credit union
A finance company

Answer: D
Ques Status: Previous Edition

The primary assets of credit unions are
municipal bonds.
business loans.
consumer loans.
mortgages.

Answer: C
Ques Status: Previous Edition

The primary liabilities of a commercial bank are
bonds.
mortgages.
deposits.
commercial paper.

Answer: C
Ques Status: Previous Edition

The primary liabilities of depository institutions are
premiums from policies.
shares.
deposits.
bonds.

Answer: C
Ques Status: Previous Edition

________ institutions are financial intermediaries that acquire funds at periodic intervals on a contractual basis.

Investment
Contractual savings
Thrift
Depository

Answer: B
Ques Status: Previous Edition

Which of the following is a contractual savings institution?
A life insurance company
A credit union
A savings and loan association
A mutual fund

Answer: A
Ques Status: Previous Edition

Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

Contractual savings institutions include
mutual savings banks.
money market mutual funds.
commercial banks.
life insurance companies.

Answer: D
Ques Status: Previous Edition

Which of the following are not contractual savings institutions?
Life insurance companies
Credit unions
Pension funds
State and local government retirement funds

Answer: B
Ques Status: Previous Edition

Which of the following is not a contractual savings institution?
A life insurance company
A pension fund
A savings and loan association
A fire and casualty insurance company

Answer: C
Ques Status: Previous Edition

The primary assets of a pension fund are
money market instruments.
corporate bonds and stock.
consumer and business loans.
mortgages.

Answer: B
Ques Status: Previous Edition

Which of the following are investment intermediaries?
Life insurance companies
Mutual funds
Pension funds
State and local government retirement funds

Answer: B
Ques Status: Previous Edition

An investment intermediary that lends funds to consumers is
a finance company.
an investment bank.
a finance fund.
a consumer company.

Answer: A
Ques Status: New

Chapter 2  An Overview of the Financial System  39

The primary assets of a finance company are
municipal bonds.
corporate stocks and bonds.
consumer and business loans.
mortgages.

Answer: C
Ques Status: Previous Edition

________ are financial intermediaries that acquire funds by selling shares to many individuals and using the proceeds to purchase diversified portfolios of stocks and bonds.
Mutual funds
Investment banks
Finance companies
Credit unions

Answer: A
Ques Status: New

Money market mutual fund shares function like
checking accounts that pay interest.
bonds.
stocks.
currency.

Answer: A
Ques Status: Previous Edition

An important feature of money market mutual fund shares is
deposit insurance.
the ability to write checks against shareholdings.
the ability to borrow against shareholdings.
claims on shares of corporate stock.

Answer: B
Ques Status: Previous Edition

The primary assets of money market mutual funds are
stocks.
bonds.
money market instruments.
deposits.

Answer: C
Ques Status: Previous Edition

An investment bank helps ________ issue securities.
a corporation
the United States government
the SEC
foreign governments

Answer: A
Ques Status: New

Mishkin The Economics of Money, Banking, and Financial Markets, 9th Edition

An investment bank purchases securities from a corporation at a predetermined price and then resells them in the market. This process is called
underwriting.
underhanded.
understanding.
undertaking.

Answer: A
Ques Status: New

2.7 Regulation of the Financial System

Which of the following is not a goal of financial regulation?
Ensuring the soundness of the financial system
Reducing moral hazard
Reducing adverse selection
Ensuring that investors never suffer losses

Answer: D
Ques Status: Previous Edition

Increasing the amount of information available to investors helps to reduce the problems of
________ and ________ in the financial markets.
adverse selection; moral hazard
adverse selection; risk sharing
moral hazard; transactions costs
adverse selection; economies of scale

Answer: A
Ques Status: New

A goal of the Securities and Exchange Commission is to reduce problems arising from
competition.
banking panics.
risk.
asymmetric information.

Answer: D
Ques Status: Previous Edition

The purpose of the disclosure requirements of the Securities and Exchange Commission is to
increase the information available to investors.
prevent bank panics.
improve monetary control.
protect investors against financial losses.

Answer: A
Ques Status: Previous Edition

Chapter 2 

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